Subject Area: Choosing the Right Optimization Software
What do we mean by saying ‘the right optimization software’?
This is the software that will be used and that will produce the best results for your situation.
It is true that all optimization software will produce a number, but is your goal only to get a ‘better number’?
Your goal is to produce a number that delivers the realist you need and that your team members will trust.
Standard algorithms are unlikely to be suitable for the highly intermittent nature of spare parts inventory.
The right software will produce multiple correct results for different economic outcomes.
This is explained in this short video, an edited extract from a live webinar titled: Selecting the Right Spare Parts Inventory Optimization Software for Your Company
Run time: 2:22
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For information on spare parts inventory characteristics and our spare parts management online training please visit our Pro Level page.
Posted by: Phillip Slater